The National Debt

Defense budget cuts: The split within the GOP

Best Column

Did Obama 'trap' Republicans on Social Security? The president
has been criticized for failing to cut entitlement spending in
his new budget, says Glenn Thrush at Politico, but it may have
been a smart political move...

www.tinyurl.com/4goj6r4


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Financial Times FT.com

Goldman sees danger in US budget cuts

By James Politi and Stephanie Kirchgaessner in Washington

Published: February 23 2011 18:08 | Last updated: February 23
2011 18:08

The Republican plan to slash government spending by $61bn in
2011 could reduce US economic growth by 1.5 to 2 percentage
points in the second and third quarters of the year, a Goldman
Sachs economist has warned.
...

Chuck Schumer, the Democratic senator from New York, said:
"This nonpartisan study proves that the House Republicans'
proposal is a recipe for a double-dip recession. Just as the
economy is beginning to pick up a little steam, the Republican
budget would snuff out any chance of recovery. This analysis
puts a dagger through the heart of their 'cut-and-grow'
fantasy".
...
Goldman, which is currently forecasting US gross domestic
product growth of 4 per cent in the second and third quarters
of 2011, also pegged the cost of a government shutdown to the US
economy at $8bn in reduced spending per week, based on the
experience of the federal closures of 1995 and 1996.
...
www.tinyurl.com/4qval8x


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Washington's Deficit-Hawk Pretenders

We are live at The Week: Even if Republicans outdo Obama's
spending cuts, they'll fritter it away on tax cuts and
repealing health care reform:

The Obama administration's proposed spending freeze promises to
reduce certain categories of government spending over the next
decade by $400 billion. This is a bad idea. It will cut not

...

The Obama proposal looks to reduce debt 10 years from now, by
$400 million billion. This theoretical House Republican
proposal looks to increase the debt 10 years from now, by $150
billion.

And over the past 30 years, Democratic budget proposals have by
and large delivered what they promised. Republican proposals,
by contrast, have all turned out to produce much bigger
deficits than were pledged at the start.
...
www.tinyurl.com/4l9eml9



www.tinyurl.com/6djqqkm

BOB KLAHN bob.klahn@sev.org http://home.toltbbs.com/bobklahn

... The Innocent, the Eager, and the Doomed.
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